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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > Technology > Article Home Business & Finance News U.S. Politics International Technology Internet Entertainment Sports Lifestyle Oddly Enough Environment Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters EBay to say goodbye to Skype Wed Apr 15, 2009 8:26am EDT Email | Print | Share | Reprints | Single Page [-] Text [+] By Alexandria Sage and Anupreeta Das SAN FRANCISCO (Reuters) - EBay plans to spin off its Skype unit, acknowledging that the Web telephone service does not fit with the rest of the company, in an indictment of former CEO Meg Whitman's acquisition strategy. EBay, whose shares rose 3 percent in after-hours trade, said on Tuesday it was planning an initial public offering for Skype by the first half of 2010, a move widely seen as putting a 'for sale' sign on the unit to fetch potential buyers. Two people familiar with eBay's thinking said the online auction company could seek substantially more than $2 billion for Skype. But some analysts doubted that it could fetch so much in current markets. The San Jose-based eBay bought Skype in 2005 for $2.6 billion, in what was its biggest ever acquisition. John Donahoe, who became eBay chief executive a year ago, has vowed to evaluate whether the telephone service was a good fit with the rest of the company, which includes Web payments service PayPal along with its core auctions business. "We believe operating Skype as a stand-alone publicly traded company is the best path for maximizing its potential," Donahoe said in a statement on Tuesday. Many on Wall Street raised eyebrows when Whitman purchased Skype, skeptical of the high price and eBay's claims that its customer base of buyers and sellers would embrace Web phone calls. "That Skype didn't fit into the rest of the business was apparent from day one," said RBC analyst Stephen Ju. "The book value of this asset is about $1.7 billion. It wouldn't surprise me if they would try to get something like $2 billion," he said. That implies a roughly 10 times EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) multiple based on Skype's 2011 revenue target of $1 billion and its current operating margins of 20 percent, he added. Ju noted it was hard to put a value on a Skype IPO given the uncertainty over the state of the market in 2010. PRIVATE EQUITY INTEREST Although eBay announced plans to spin Skype off into an independent public company, two sources familiar with the matter said it is open to a sale of Skype. Skype co-founders Niklas Zennstrom and Janus Friis have recently contacted several private equity firms, including Kohlberg, Kravis, Roberts & Co, Providence Equity Partners and Elevation Partners, in an effort to team up and make a joint bid for the unit, people familiar with the matter said. But the buyout shops have not evinced keen interest so far, the sources said. Specific proposals, including how much money to commit for any potential deal, were not discussed with all the private equity firms, one of the sources said. The New York Times reported last week that Skype's co-founders were trying to raise $1 billion from private investors, and discussing one case in which eBay itself would put up the rest of the financing in the form of a seller's note to complete a deal worth more than $2 billion. "We're not soliciting bids, we're pursuing an IPO," said eBay spokesman Alan Marks, adding that market conditions will determine the timing of the deal, but that it would likely be completed by the first half of 2010. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: Intel says PC market hit bottom but shares slide also on reuters Blog: Paper or plastic? Oh, and 25 cents please! Recession fueling right-wing extremism, U.S. says Video Video: Going beyond the game of Monopoly More Technology News Smartphone consumers opt for "cheap chic" Microsoft to unveil test version of new e-mail server Intel says PC market hit bottom but shares slide | Video Yahoo to cut hundreds of jobs: source AT&T in talks to extend iPhone deal to 2011: report More Technology News... 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Full Article Reuters Deals The global destination for corporate leaders, deal-makers and innovators Knowledge to Act Reuters.com: Help and Contact Us | Advertise With Us | Mobile | Newsletters | RSS | Interactive TV | Labs | Archive | Site Index | Video Index Thomson Reuters Corporate: Copyright | Disclaimer | Privacy | Professional Products | Professional Products Support | About Thomson Reuters | Careers International Editions: Africa | Arabic | Argentina | Brazil | Canada | China | France | Germany | India | Italy | Japan | Latin America | Mexico | Russia | Spain | United Kingdom | United States Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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